The object of the game (if you can call it a game) consisted in holding the clackers by the ring and swinging them up and down so that the balls would knock each other, therefore "clacking". It required a certain amount of skill to master the movement.
Well, before I did master the game, let me tell you, I acquired quite a set of bruises on my forearms! Not to mention that they occasionally went flying, narrowly missing breakable targets and human beings in the process!
According to Wikipedia, they are similar in appearance to an Argentinian weapon known as "bolas"! How they were ever allowed as a child's toy, I don't know!
Aaaah, good times!